KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Gold prices surged to a new record high on Tuesday, marking a third straight session of gains as investors piled into safe-haven assets amid US political gridlock and rising expectations of further Federal Reserve rate cuts.
Spot gold traded at US$3,961.64/oz at 0055 GMT after touching an all-time peak of US$3,977.19, while December gold futures climbed 0.2% to US$3,985.50.
Market bets now price in 95% odds of a 25-basis-point cut in October and an 83% chance of another in December, according to the CME FedWatch Tool. The White House has warned that the ongoing government shutdown, now entering its seventh day, could soon result in job losses.
“Gold continues to thrive in a low-rate, high-uncertainty environment,” analysts said, noting the metal’s appeal as inflation risks linger and political tensions escalate.
Gold has soared 51% year-to-date, supported by central bank buying, robust ETF inflows, and safe-haven demand amid a weaker dollar and geopolitical tensions.
Holdings in the SPDR Gold Trust, the world’s largest gold ETF, slipped slightly to 1,013.16 tonnes from 1,014.88 tonnes on Friday.
Meanwhile, silver eased 0.4% to US$48.32/oz, platinum fell 0.8% to US$1,612.85, and palladium dipped 0.3% to US$1,315.86.
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